Regulatory Alerts2022-12-29
Financial Services Commission (Amendment) Act, 2022
The Legislature of the Virgin Islands enacted this Act to amend the Financial Services Commission Act, 2001, by expanding the regulator's crisis management and resolution powers to safeguard financial stability. The legislation introduces new definitions for financial distress and resolution proceedings, mandates the establishment of a public register for directors and senior officers, and strengthens cooperation mechanisms with domestic and foreign competent authorities. Additionally, the Act imposes specific obligations on licensees regarding early warning notifications, recovery plans, and the maintenance of resolution plans for systemically important entities.
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